Debit card use can prevent accumulation of credit card debt

For many New Jersey consumers, debt management is a headache. Some people who have had to work hard to get rid of unmanageable credit card debt have resorted to avoiding credit cards and using cash instead. Walking around with a lot of cash is unsafe, and debit cards are gaining popularity.

Credit cards will likely still find a place in the wallets of consumers because consumers need the ability to make large purchases and pay them off over time due to convenience. However, for day-to-day expenses, a debit card may offer a user the opportunity to control his or her spending. Typically, purchases that are paid by debit card draw money from existing funds in a bank account and, only if a consumer has an overdraft facility, can a purchaser go into debt.

As with credit cards, cash can be withdrawn with debit cards. However, it will not put the consumer in debt, and the fees and interest rates on debit cards are significantly lower than on credit cards. Most banks offer online facilities that allow spending on debit cards to be tracked, making debit cards an excellent debt management tool.

New Jersey consumers who are struggling to get rid of overwhelming credit card debt may find comfort in knowing that the U.S. Bankruptcy Code offers remedies that could discharge unsecured debts, such as credit card debt. An experienced bankruptcy attorney can explain the options that are available. Going through personal bankruptcy also offers opportunities to learn more about debt management and the manners in which credit card debt can be avoided in the future.

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